Lloyds Banking Group announces new £18 billion lending commitment for British businesses
06 January 2020
- LLOYDS BANKING GROUP PLEDGES ITS CONTINUED SUPPORT TO UK BUSINESSES IN 2020 WITH A COMMITMENT TO LEND £18 BILLION
As part of the Group’s continued commitment to help Britain prosper, today’s announcement underlines to existing and new businesses across the country that the Group is committed to supporting UK businesses through 2020 and beyond. By announcing its £18 billion support for businesses, Lloyds Banking Group is highlighting it is by the side of British business whatever the future brings.
This £18 billion will support entrepreneurs looking to start a new business, micro-businesses seeking to scale up and small businesses considering trading internationally for the first time. It will also support established mid-sized businesses and large, multinational corporations seeking further growth.
This new lending commitment for 2020 follows on from the Group’s pledge in 2019, also for £18 billion. Despite the continuing challenging economic environment, the Group is not lessening its backing for British businesses and is on hand to support their growth aspirations.
During 2019, as well as supporting British businesses’ growth aspirations, the Group has assisted its customers’ own transition to becoming more sustainable. The Group is on course to meet its ambitions to support existing and new customers with energy efficiency improvements for a further two and a half million square feet of commercial real estate as well as delivering renewable energy projects capable of powering 5 million homes by 2020. To support customers on their sustainability journey, over 450 relationship managers have undertaken intensive training on climate change and sustainability-related risks and opportunities in collaboration with Cambridge Institute for Sustainable Leadership. We are putting sustainability at the heart of our relationship teams’ support for businesses.
António Horta Osório, Chief Executive of Lloyds Banking Group said:
“In 2020, our commitment to supporting businesses is undiminished and we will lend up to £18bn to businesses across the UK. We know that during uncertain times our customers look to us not just for financial support but also for expert guidance to navigate the challenges they may face. Whatever the future brings, we will continue to support UK businesses as part of our commitment to help Britain prosper.”
EXAMPLES OF HOW LLOYDS BANKING GROUP HAS SUPPORTED BUSINESSES IN 2019
- London-based confectionery business Jealous Sweets, which counts Selfridges and Harvey Nichols among its stockists, was supported with a working capital facility. The finance allowed the business to expand further into Europe and Asia-Pacific, while fulfilling new large orders from major UK retailers including ASDA and Holland and Barret. It has since doubled its turnover and plans to hit £4 million in sales this year.
- Lerwick Port Authority was supported to develop a new white fish market at Lerwick Harbour by providing a £3 million funding package. The new fish market will allow Shetland’s principal seaport to expand the capacity for landings and meet increasing demand from the island’s commercial fishing industry. The new market, featuring the latest green technology and sustainable building materials, came from the Group’s Clean Growth Finance Initiative, which offers discounted funding to help businesses to lower their carbon emissions.